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OTTAWA - Ottawa has given its blessing to the sale of properties! d- D6 k- d$ @1 U
owned by Athabasca Oil Sands Corp. to a Chinese company.
5 M1 `4 G3 H( j1 w2 t* v& n Federal Industry Minister Tony Clement says he has reviewed the# M7 N/ F4 u$ V ]
deal between Athabasca and PetroChina International Investment Co.
( B" F* n* ]5 eLtd. and finds its is likely to be of net benefit to Canada.
. h w1 z5 R7 `5 I$ ^1 }. A Clement says PetroChina and its parent, PetroChina Co. Ltd., have
) u1 L3 O8 g2 L6 R2 R" s4 A$ T" N7 hmade a number of significant commitments should they be allowed to7 K) T' w" N/ p4 _1 k8 N5 S; @% c+ S
acquire control of the MacKay and Dover oil sands projects.
5 X. V6 n+ l: ~3 j) q Among other things, the Chinese concerns have agreed to capital- I7 `; d0 [& o* {. j9 W1 R4 t
expenditures in excess of $250 million for developing the properties
8 p# ?; ?; M6 uover the next three years.3 _2 Z/ h! q( e, b1 `! J* P4 p- s
They have also pledged to increase employment levels in Canada as
* H) {* B9 f( V1 N% g; ]/ Nthey develop the projects over the next three years and to maintain
2 F& B8 k, t$ D {1 L- y8 M2 ^an Alberta head office for operating companies associated with the
4 |8 W& U% o' o: M! _projects for the next five years.% D, @1 |0 ?: W! T
(The Canadian Press) |
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